Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) issued under Statutory Rules 1985, No. 369, represents a legislative measure introduced to address the need for updating the design of Australian currency to reflect significant global events. Enacted in 1985, this amendment to the Currency Regulations, 1965, aims to facilitate the issuance of a commemorative coin as authorised by the Currency Act 1965. The amendment was introduced by the authority of the Treasurer and responds to the policy objective of celebrating the United Nations' International Year of Peace by incorporating a special design on the reverse side of the 1986 $1 coin. The new design, featuring a dove released from hands surrounded by a laurel wreath, symbolises the global commitment to peace, aligning with the commemorative intentions of the United Nations. This amendment ensures the coin meets the prescribed standards of weight, design, and dimensions as required by the Currency Act.

Scope and Application

The Currency Regulations (Amendment) Statutory Rules 1985, No 369, issued by the authority of the Treasurer, specifically addresses the design and specifications for the 1986 $1 coin. This amendment pertains to the implementation of the Currency Act 1965, which mandates that any coin issued by the Treasurer must adhere to prescribed standards in terms of weight, design, and dimensions. The regulation amendment focuses on the design aspects of the 1986 $1 coin, which was intended to commemorate the United Nations’ International Year of Peace. The reverse side of the coin features the International Year of Peace symbol, depicting a dove being released from a pair of hands surrounded by a laurel wreath, aligning with the Treasurer's announcement on 24 October 1985. This amendment ensures that the coin meets the legislative requirements as stipulated under paragraph 14(2)(b) of the Act.

Key Provisions

The Currency Regulations (Amendment) primarily focuses on modifying the design specifications for the 1986 $1 coin as mandated by section 14(2)(b) of the Currency Act 1965. This amendment ensures that the coin conforms to the prescribed standards in terms of weight, design, and dimensions. The regulation specifically details the commemorative design on the reverse side of the coin, which is intended to mark the United Nations’ International Year of Peace. The design features a dove being released from a pair of hands, encircled by a laurel wreath, as announced by the Treasurer on 24 October 1985. This commemorative coin is meant to celebrate and recognise the International Year of Peace. Under these regulations, the entities responsible for producing and issuing the 1986 $1 coin must adhere to the detailed design specifications outlined in the amendment. This obligation encompasses ensuring that the coin's physical attributes and design elements meet the standards set forth by the Currency Act. The Royal Australian Mint, for instance, would need to follow these guidelines closely during the coin's production to guarantee compliance with the regulatory requirements. Failure to comply with these design specifications could lead to legal repercussions. Although the specific offences, penalties, or civil and criminal consequences are not detailed in the provided text, it is clear that non-compliance with the Currency Act's requirements could result in enforcement actions. Typically, such breaches might involve fines or other penalties, as outlined in the broader framework of the Currency Act. The exact penalties would depend on the severity of the breach and any additional provisions within the Act that address such infractions.